Document Type
Article
Publication Date
6-2-2006
Abstract
In mid-May Ecuador's government terminated Occidental Petroleum Corporation's contract to exploit oil resources on one of the country's most productive fields after a 19-month legal prosecution of the company for the unauthorized sale of an oil field. The US retaliated by suspending ongoing trade talks with the Andean country immediately after Energy Minister Ivan Rodriguez found against Los Angeles-based Occidental, also known as Oxy. The move followed an April vote in the Ecuadoran Congress that increased the royalties oil companies operating in Ecuador must pay. Ecuador's termination of Oxy's contract means the largest single corporate entity extracting petroleum there has been ousted, opening the possibility for greater involvement by nearby Venezuela or Brazil.
Language
English
Recommended Citation
NotiSur writers. "ECUADOR ORDERS OCCIDENTAL PETROLEUM CORPORATION OUT OF THE COUNTRY FOR ILLEGAL SALE." (2006). https://digitalrepository.unm.edu/la_energy_notien/161
